Fiserv Research Shows Digital Habits Driving Banking Shifts

BROOKFIELD, Wis.--(BUSINESS WIRE)--Oct. 16, 2018--
The latest quarterly consumer trends research from Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, shows that as the importance of digital engagement
has grown, so has consumer comfort using non-financial companies to
conduct financial activities. While consumers remain most comfortable
with traditional financial organizations, a growing number of consumers
say they would use a technology company such as Apple or Google to pay
bills, take out a loan and conduct other financial activities.

Conducted online by The Harris Poll on behalf of Fiserv, Expectations &
Experiences is one of the longest-running research studies of its kind
and builds on years of consumer survey data. Results from the 2018 Expectations
& Experiences: Channels and New Entrants survey of 3,050
consumers show:

Access and Automation Key to Keeping up with Finances

Adoptionof online banking is fully mature and mobile banking
appears well on its way. The vast majority of consumers (90 percent)
have accessed online banking, and active users (those who have used
the service in the past month) report logging on to their financial
institution’s site an average of nine times per month. Slightly fewer
consumers (70 percent) have accessed mobile banking, but those who do
log on more frequently – an average of 11 times per month.

The activity digital banking users perform most often is checking
balances (79 percent of online users, 80 percent of mobile users).
Next is bill payment, with 44 percent of online users and 36 percent
of mobile users paying a bill through their financial institution’s
site. Millennials are more likely to have ever logged on to their
primary financial institution’s site using a mobile device compared to
their older peers (92 percent versus 62 percent). Thirty percent of
mobile banking users used the service to deposit a check.

Access to a traditional branch remains relevant, with 52 percent of
consumers reporting they visited a brick-and-mortar location within
the past month and 80 percent in the past six months. Deposits and
withdrawals were cited as the main reason for branch visits.

“The world is being shaped by digital connections and convenience,
providing an opportunity for financial institutions to incorporate
relevant new technologies and enable customers to manage their financial
lives with ease any way they choose to engage,” said Dan Bjerke,senior
vice president, Digital Banking, Fiserv. “From the moment they pick up
their phone or walk into a branch, consumers expect intuitive, seamless
banking experiences and a high level of confidence in security across
every channel.”

More Competition, More Options for Convenience-Seeking Consumers

While use of traditional financial institutions for bill payments,
loans, money management and other financial services remains steady,
consumer comfort with different types of companies, particularly
technology companies, has grown. For instance, 55 percent of people
would be comfortable using a technology company such as Apple or Google
to pay bills, compared to 40 percent of consumers who said the same in
2017. Compared to the previous year, there were gains in comfort with
using a hypothetical technology company for other activities, including:
taking out a loan (39 percent, up 10 percent), tracking a budget (54
percent, up 13 percent), and transferring money to others (52 percent,
up 14 percent).

The quest for convenience and openness to nonfinancial companies may be
creating new considerations for consumers and financial institutions
across channels including:

At the branch -- nearly half of people (49 percent) would feel secure
using biometrics for authentication. Yet, the appeal of fully
automated branches offering the same services as traditional branches
is modest. Only 32 percent of consumers say they would likely stay
with their primary financial institution if it went teller-free,
compared to 24 percent of consumers who would not be likely to stay.

Via voice-activation -- among millennials, 31 percent perceive voice
banking as faster than mobile banking, and 32 percent cited the
ability to free up their hands to perform other tasks as a benefit of
voice banking. Factors that may prevent voice banking adoption include
preference for speaking to a human (42 percent), concern about being
overheard (36 percent) and a perception that it is less secure (35
percent).

In a world moving faster than ever before, Fiserv helps clients deliver
solutions in step with the way people live and work today – financial
services at the speed of life. Learn more at fiserv.com.

The Expectations & Experiences: Channels and New Entrants survey was
conducted online by The Harris Poll on behalf of Fiservbetween February
26 and March 15, 2018, among 3,050 U.S. adults ages 18 and older who met
the following criteria: someone in household currently has a checking
account with a bank, credit union, brokerage firm or other financial
organization and they used a checking account to pay a bill or make a
purchase in the past 30 days. The data were weighted to ensure that
relevant demographic characteristics of the sample matched those of the
U.S. general population.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and
deliver financial services experiences in step with the way people live
and work today. For more than 30 years, Fiserv has been a trusted leader
in financial services technology, helping clients achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
insights and optimization. Fiserv is a member of the FORTUNE®
500 and has been named among the FORTUNE Magazine World's Most Admired
Companies® for five consecutive years, recognized for
strength of business model and innovation leadership. Visit fiserv.com
and follow
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